WARSAW: The World Bank has announced to invest $200 billion between 2021 to 2025 to support countries to take ambitious steps to fight climate change.
The new funding is double the amount of its current five-year funding.
The announcement coincides with the UN climate summit meeting of some 200 nations in Poland.
The new funding will finance advanced early warning systems and climate-responsive social protection systems in 40 countries and finance “climate smart agriculture investments” in 20 countries, the bank said in a statement.
It also added that approximately $100 billion will come from World Bank in direct finance, the remaining funds will come from International Finance Corporation, the Multilateral Investment Guarantee Agency and private capital. “mobilised by the World Bank Group.”
John Roome, World Bank senior director for climate change, told AFP “If we don’t reduce emissions and build adaptation now, we’ll have 100 million more people living in poverty by 2030,”
“And we also know that the less we address this issue proactively just in three regions — Africa, South Asia and Latin America — we’ll have 133 million climate migrants,” Roome added.